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August 12, 2020
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Santa Ana Multifamily Property Purchased by Exchange Investor Who Already Owned on the Street


Francia Apartments, a 20-unit multifamily property in Santa Ana, was purchased by a 1031 exchange buyer for $3.9 mil, or $195k/unit. The property is located at 1410 French St, south of 17th St and just west of I-5.

The property is in walking distance to Downtown Santa Ana and features mostly studio apartments as well as four one-bedroom units. Built in 1977, the seller had increased the value of the site by about 45% since purchasing it three years ago, by increasing rents.

CBRE’s Dan Blackwell, Mike O’Neill and Matt Daspin represented the buyer and the seller in the transaction. The team was able to locate a buyer who they knew already owned property on the same street.

Santa Ana is one of Orange County’s strongest rental markets. As the second most populous city in the county, it boasts a strong commercial presence, which supports a high rental demand. Overall, the Orange County multifamily market has had one of the lowest vacancy rates in the country, according to CBRE research.

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